IDI sells Atlanta industrial building to Daewoo America Atlanta-based Industrial Developments International has sold a 169,962 sq. ft. facility north of Atlanta to Daewoo Heavy Industries America Corp. The building is in IDI's Shawnee Ridge industrial park in Suwanee, Ga., where Daewoo has leased 94,962 sq. ft. since January, using the space for assembly and warehousing of heavy construction equipment. Terms of the acquisition were not disclosed.
SSR buys Chicago warehouse property for Tower Fund San Francisco-based SSR Realty Advisors Inc. has acquired Remington Distribution Center, a 361,000 sq. ft. high-cube warehouse property in the Chicago suburb of Bolingbrook, Ill. The property was purchased from Corum Real Estate Group for Tower Fund, a separate commingled real estate account. Prior to build-out, the center was 100% leased to a U.S. Postal Service subcontractor. The $16.4 million price tag includes approximately eight additional acres for trailer parking.
Calpaco Papers pens $20 million lease with Meridian Industrial In one of the largest single lease transactions this year, San Francisco-based Meridian Industrial Trust has leased the 606,925 sq. ft. Meridian Distribution Center in Mira Loma, Calif., to Calpaco Papers Inc. for more than $20 million. The long-term lease transaction involves relocating the 150-person company from its previous location in City of Commerce, Calif. Lease-up was completed less than one month after build-out of the distribution and warehouse facility.
Clayco finishes Motor City distribution center quickly St. Louis-based Clayco Construction Co. has completed a 300,000 sq. ft. regional distribution center in Detroit in 110 days. The $6.2 million project features tilt-up concrete wall panels and a three-tiered conveyer system. Brownstown, Mich.-based National Wine and Spirits of Michigan Inc. and Litchfield, Ill.-based Buske Lines will occupy 200,000 and 100,000 sq. ft. of space, respectively.
The structure was built for Litchfield-based TMT Properties, a subsidiary of Buske Lines, a trucking and warehousing company. National Wine and Spirits plans to use the facility to ship up to 30,000 cases of liquor each day to Michigan retailers. The warehouse's 30 drive-in doors allow trucks to load inside the building, which uses a ventilation system for exhausting engine fumes. The facility is one of only a few in the Detroit area that are not of precast construction.
$60 million Wild Rose facility takes root in Riverside County Ground has been broken on the 1.4 million sq. ft., $60 million Wild Rose Business Park in Corona, Calif. Snyder Langston, of Irvine, Calif., and Chino, Calif.-based Ridge Properties have begun the first phase of development with construction of an $8 million, 240,000 sq. ft. manufacturing and distribution facility for Sundance Spas. Completion of the structure is scheduled for December 1998.
Snyder Langston purchased the Temescal Canyon property - in default for nonpayment of ad valorem taxes - at a special tax sale. The property features 14 parcels and room for 25 manufacturing facilities.
Stroh's sells Baltimore brewery to food processing company Stroh's has sold its Halethorpe, Md., brewery to Ellicott City, Md.-based Washington Quality Food Products for $7.25 million. Baltimore-based Colliers Pinkard represented Stroh's Brewery, while CB Richard Ellis of Los Angeles represented Washington Quality Food Products. The food processing company plans to convert the 500,000 sq. ft., 39-acre brewery into a processing center. Washington produces mixing and baking products for companies such as Tastykake and supplies food to restaurants and the University of Maryland.
The Bureau of the Census has released the public warehousing and storage revenues for 1996, the latest year for which records are complete. Among the warehousing and storage results:
* $11.4 billion in operating revenue, an increase of 5.4% over 1995
* $9.1 billion in operating expenses, an increase of 6.2% over 1995
* $1.17 billion in lease and rental operating expenses, an increase of 4.9% over 1995
* $3.07 billion in annual payroll, an increase of 6.7% over 1995